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“You want to open a restaurant? Ask your friends (and strangers) for money!”
I just read an interesting post on Bococaland that Colonie Restaurant, a local, seasonal American restaurant, is trying top open its doors on Atlantic Avenue (next to Floyd), but the owners don’t have enough money. Instead of seeking out investors, they’re asking anyone who might want to help to donate cash via Kickstarter–a website that allows wanna-be entrepreneurs to get a project funded in a certain amount of time–or abandon said project. If the needed coin isn’t raised, no money changes hands.
Have you ever heard of anyone trying to raise money for a restaurant this way? I think this is quite hilarious and also rather ballsy: We want to open our restaurant, but we don’t have the money, maybe you wanna drop a few coins in our cup? Hmmm.
The Kickstarter site reports that the three owners need money for the materials to finish building the place: “We need a great counter top and bar stools, sexy kitchen appliances, beautiful pendant lamps, and cool tiles for the wall. We are funding this project ourselves with some support from friends and family, but would like to reach out to the community for a little more help. We are offering AWESOME and generous incentives in the hopes that we will be able to personally meet (and thank!) everyone who donates, and to begin fostering a great relationship with all of you.”
Maybe you get your name on the back of a chair?
What do you think of this idea? Brilliant? Obnoxious? Share your two cents below!
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I think you must be confused with their objective. I checked out Colonies Kickstarter page & it is quite clear that they are not trying to open a restaurant for $10,000. Obviously. Kickstarter is and modern way to not only raise small funds for your project, but it is a promotional ploy to bring people into their restaurant. People who otherwise would never be able to invest. Donate $10 for 2 glasses of bubbly? Clearly they wont be making much of a profit. Its just smart and modern marketing.
Why the hell not. Trying to raise money in this economy is very challenging and you need to be resourceful. They seem like 3 genuinely earnest people who are trying to make their vision come true. Saying they are doing this "instead of seeking out investors" is at best conjecture and at worst (and most likely) untrue. I wish them the best of luck and if I wasn't broke I'd gladly help their venture.
as a person with 22 years of restaurant experience, I can say that this idea is doomed to fail. You can't open up with just enough to get open, you have to have enough capital for 6 months of operating expenses. the biggest reason for restaurant failure is undercapitalization. Anyone who invests in this will loose there money. I've seen it happen with countless restaurants.
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October 1, 2010
3:33.15 pm
I think you must be confused with their objective. I checked out Colonies Kickstarter page & it is quite clear that they are not trying to open a restaurant for $10,000. Obviously. Kickstarter is and modern way to not only raise small funds for your project, but it is a promotional ploy to bring people into their restaurant. People who otherwise would never be able to invest. Donate $10 for 2 glasses of bubbly? Clearly they wont be making much of a profit. Its just smart and modern marketing.